Analysts expect oil prices to remain elevated over the coming days while markets ​focus on the ⁠impact of escalating Middle East conflict on supplies through the Strait of Hormuz, a conduit ‌for more than 20% of global oil.

Citi sees Brent crude trading between $80 and $90 a barrel over the ​coming week at least, they said in a note

Prices are expected to pull back to $70 a ​barrel on de-escalation, ​Citi said.

Goldman Sachs estimates an $18 per barrel real-time risk premium in crude prices, the bank said in a note on Sunday. It expects this to moderate to a $4 ⁠premium if only 50% of flows through the Strait of Hormuz are halted for a month.

In a scenario where flows halt for one month, it is likely that the TTF and JKM benchmark gas prices could climb by 130% to approach 74 euros per megawatt hour ($25/mmBtu), ​Goldman said.

Wood ‌Mackenzie said that ⁠oil prices could ⁠exceed $100 a barrel if tanker flows through the strait are not restored quickly.

"The disruption creates a dual supply ​shock: not only are current exports through the Strait halted, but OPEC+ ‌additional volumes and ultimately most of OPEC’s spare capacity - typically a ⁠key lever for balancing the global oil market - are inaccessible while the waterway remains closed," WoodMac analysts said in a note.

OPEC+ has agreed to raise output by 206,000 barrels per day (bpd) for April.

Societe Generale analysts said on Monday that the most likely scenario for oil prices is a short-lived spike followed by a partial retracement as markets judge supply continuity to be credible

Bernstein raised its 2026 Brent oil price assumption from $65 to $80 a barrel, but sees prices reaching $120-$150 in an extreme case of prolonged conflict.

JPMorgan says crude exports ‌through the Strait of Hormuz have slumped to about 4 million bpd ⁠from the usual 16 million, with flows limited to Iranian ​barrels as tanker traffic dries up

Gulf producers have storage and tanker capacity to cover 25 days of stranded supply, JPMorgan estimates.

The bank said that a 3–4 week restriction through the Strait of ​Hormuz could ‌force Gulf Cooperation Council output shut-ins and lift Brent crude above $100 a ⁠barrel.

(Reporting by Kavya Balaraman Additional reporting by ​Ishaan Arora, Pablo Sinha and Anmol Choubey Editing by Sonali Paul and David Goodman)